UK law firms get ready for crackdown on money laundering

Harsher penalties and a ‘reshaping’ of the sector predicted when Financial Conduct Authority takes over as regulatorUK law firms are bracing themselves for a money laundering crackdown as ministers race to improve the City’s reputation ahead of a fresh financial crime review.The Financial Conduct Authority (FCA) has been designated as the new anti-money laundering watchdog for the legal sector, in a move that experts warn could result in “sharper” penalties and ultimately “reshape” the industry. Continue reading...